Digital Federal Credit Union in Marlborough, Mass., and First Tech Federal Credit Union in San Jose, Calif., are planning a merger of equals that would create one of the nation’s biggest credit unions.
The $12 billion-asset Digital FCU and the $17 billion-asset First Tech said in a press release that they plan to complete their merger next year. The combined credit union would have nearly $29 billion of assets, more than 50 branches and nearly 2 million members.
The credit union would operate under Digital FCU’s charter and First Tech’s name.
Shruti Miyashiro, Digital FCU’s president and CEO, will retain those roles, while Greg Mitchell, First Tech’s president and CEO, will remain with First Tech through the integration.
“Our credit unions have a shared origin — each created to serve the financial needs of technology employees, their families and digitally savvy members across the country,” Miyashiro said in the release.
“The transformative power of this merger of equals will unlock enormous potential to deliver value and opportunity for the people who matter most — our members, our employees and the communities we serve,” Miyashiro added.